Energy Market Update – 6 February 2015
6 February 2015
Higher Norwegian imports to the UK have eased supply / demand concerns, and provided a bearish sentiment to prompt and near curve contracts. A strong pound against the Euro has provided further downward pressure, with demand driven away from the NBP. Brent Crude is trading a little higher today on anticipation of positive economic data from the US.
Day Ahead is currently offered at 49.50 pence / therm, with Summer 2015 offered at 44.95 pence / therm, Winter 2015/16 offered at 51.40 pence / therm, and Summer 2016 offered at 45.90 pence / therm.
Wind output has fallen below forecasted levels, which has relieved some of the bearish pressure on the prompt and near curve contracts that their gas counterparts have introduced. Liquidity has been quite thin on the curve this morning, leaving prices fairly flat, despite gains on Brent Crude.
Summer 2015 is offered at £43.45 / MWh, with Winter 2015/16 offered at £48.10 / MWh, and Summer 2016 offered at £44.16 / MWh.
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